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Bayer to acquire Monsanto in all cash transaction

Bayer to acquire Monsanto in all cash transaction

Sep 14,2016

Monsanto India announced that Bayer and Monsanto signed definitive agreement under which Bayer will acquire Monsanto for USD 128 per share in an all cash transaction.

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Reliance Defence Ammunition enters into strategic partnership with Yugoimport of Serbia
Jun 20,2017

Reliance Infrastructure promoted Reliance Defence Ammunition enters into a strategic partnership with Yugoimport of Serbia for ammunitionmanufacturing in India.

Two companies will work together in the field of ammunition, amongst others, with projected minimum requirement of Rs.20,000 crore over next 10 years from Indian armed forces.

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Titagarh Wagons acquires 10% stake in Titagarh Firema Adler SpA
Jun 20,2017

Titagarh Wagons announced that its subsidiary, Titagarh Singapore Pte Ltd. (TSPL), has acquired the shares held by Adler Plastic SpA, Italy, representing 10% of the total paid-up share capital of Titagarh Firema Adler SpA (TFA), a subsidiary of the Company.

As a result of the above, TFA has become a wholly-owned subsidiary of the Company in which the Company holds 1.8% directly and balance 98.2% is now held by TSPL.

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Veronica Production acquires distribution rights of Gujrati film
Jun 20,2017

Veronica Production has acquired distributing rights and all other domestic and International rights of their forthcoming Gujrati film Rasna No Dabbu on all on-line and off-line platforms

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Raymond sets up greenfield garment manufacturing facility in Ethiopia
Jun 20,2017

Silver Spark Apparel Ethiopia PLC, a wholly owned subsidiary of Raymond inaugurated its Greenfield garment manufacturing facility in Ethiopia. Set up at Hawassa Industrial Park (HIP), with an investment of over Rs 100 crore, this foray is in line with the Groups ambitions to increase its presence across International markets. This state of the art garment manufacturing facility will primarily cater to United States of America and European Markets.

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SpiceJet signs LoI with Bombardier Commercial Aircraft
Jun 20,2017

SpiceJet announced on 20 June 2017 from the International Paris Air Show, that it has signed a letter of intent (LOI) with Bombardier Commercial Aircraft, for up to 50 Q400 turboprop airliners. The LOI includes 25 Q400 turboprops and purchase rights on an additional 25 aircraft.

Based on the Q400 turboprop list price, an order could be valued at up to US $ 1.7B billion. This would be the single biggest order for the Q400.

SpiceJet operates a fleet of 35 Next-Generation 737s and 20 Bombardier Q400s. Since 2010, SpiceJet has taken delivery of 15 Q400 aircraft. The airline currently operates 20 Q400 aircraft in a 78-seat configuration to domestic and international destinations.

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Rally in Rane Holdings halts on profit booking
Jun 20,2017

Meanwhile, the S&P BSE Sensex was up 6.06 points or 0.02% at 31,317.63. The S&P BSE Small-Cap index rose 32.06 points or 0.2% at 15,686.03.

On the BSE, 5,098 shares were traded on the counter so far as against the average daily volumes of 6,800 shares in the past one quarter. The stock had hit a high of Rs 1,898.80 and a low of Rs 1,794 so far during the day. The stock had hit a record high of Rs 1,949.90 yesterday, 19 June 2017 and a 52-week low of Rs 575 on 20 June 2016.

The stock had outperformed the market over the past one month till 19 June 2017, advancing 80.74% compared with the Sensexs 2.78% rise. The stock had also outperformed the market over the past one quarter, surging 101.04% as against the Sensexs 5.61% rise. The scrip had also outperformed the market over the past one year, spurting 218.53% as against the Sensexs 17.6% rise.

The small-cap company has equity capital of Rs 14.28 crore. Face value per share is Rs 10.

Shares of Rane Holdings galloped 66.48% in the preceding 14 trading sessions to settle at Rs 1,869.80 yesterday, 19 June 2017, from its closing of Rs 1,123.10 on 30 May 2017.

Rane Holdings consolidated net profit spurted 98.9% to Rs 43.56 crore on 23.6% increase in total income to Rs 859.35 crore in Q4 March 2017 over Q4 March 2016.

Rane Holdings is the holding company of the Chennai-based Rane Group, an acknowledged leader in the manufacture of auto components.

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Punjab CM announces total waiver of entire crop loans of 8.75 lac small and marginal farmers
Jun 20,2017

Punjab Chief Minister Captain Amarinder Singh on Monday announced total waiver of entire crop loans up to Rs. 2 lakh for small and marginal farmers (up to 5 acres), and a flat Rs. 2 lakh relief for all other marginal farmers, irrespective of their loan amount, thus paving the way for eventual total waiver of agricultural debts to implement another major poll promise of the ruling party.

Making the announcements during his speech in the Vidhan Sabha, the Chief Minister said the move would benefit a total of 10.25 lakh farmers, including 8.75 lakh farmers up to 5 acres. The initiative would provide double the relief announced by the states of Uttar Pradesh and Maharashtra, he pointed out.

The decision is based on the interim report of the Expert Group, headed by eminent economist Dr. T. Haque, and tasked with suggesting ways and means to help the states distressed farming community.

Making it clear that his government stood by its commitment to waive off the crop loans of the farmers, Captain Amarinder said his government had also additionally decided to take over the outstanding crop loan from institutional sources of all the families of farmers who committed suicides in the state. It has also decided to raise the ex-gratia for suicide affected families to Rs.5.00 lakh from the existing Rs.3.00 lakh.

For debt relief to farmers for loans raised from non-institutional resources, the government has decided to review the Punjab Settlement of Agriculture Indebtedness Act to provide the desired relief to the farmers through mutually acceptable debt reconciliation and settlement, which shall be statutorily binding on both the parties, the lender and the borrower. The government has already constituted a Cabinet Sub Committee to review this Act, he added.

The Chief Minister proposed that the Speaker may constitute a 5-Member Committee of Vidhan Sabha to visit the families of the suicide victims, ascertain the reasons for suicides and suggest further steps to be taken to check this menace forever.

Captain Amarinder informed the House that his government had already decided to repeal Section 67 A of the Punjab Cooperative Societies Act, 1961, which provides for auction/ kurki of farmers land.

The Chief Minister also reiterated his governments commitment to provide free power to farmers but appealed to all big and well-to-do farmers of the state to give up power subsidy voluntarily. He announced his decision to immediately give up the subsidy at his own farms to set a personal example, and appealed to his colleagues to do the same.

Lambasting the previous Akali government for ruining the states agriculture and farmers, the Chief Minister said the Badal regime accepted a loan of Rs.31,000 crore to cover the shortfall in the cash credit limit for procurement of foodgrains, for which his government has to pay Rs.270 crore every month and Rs.3240 crore annually. Had this not been done, his government would have utilized the additional Rs. 31,000 crore amount also to benefit the farmers, he added.

Citing studies, the Chief Minister said there are about 18.5 lakh farming families in the state, and about 65% of them are small and marginal farmers, out of which about 70% have access to institutional finance.

Lamenting the problems faced by the farmers, the Chief Minister said his governments priority would be to continuously increase income of all those who are dependent on agriculture while preserving the ecological balance, and announced that a State Agriculture Policy focusing on increase in farmers income on a sustainable basis would be formulated soon.

The Chief Minister also announced a series of other measures to bring the agriculture sector back on track. These include an agriculture sustainability programme with focus on various initiatives to boost cultivation, growth and quality of crops, backed by attractive remuneration and greater incentives on alternative crops. Other measures include revamp of Farm Extension Services and a new legislation to regulate agriculture education.

Announcing the establishment of a Paddy Straw Challenge Fund to stop the practice of crop residue burning by the farmers, the Chief Minister informed the House that he had already written to the Prime Minister to allow a bonus of Rs.100 per quintal to all those farmers who incorporate the paddy straw in the soil instead of burning it, as the farmers need to be incentivized in this regard.

Reiterating his governments commitment not to allow Government of India to tinker with the MSP system, he urged the Centre to implement the recommendations of the Swaminathan Commission and provide price support by way of deficiency pricing for Maize and other crops for which MSP is fixed by them.

Referring to the smooth and corruption-free procurement process ensured by his government, the Chief Minister said not only was every grain of the 120 Lakh MT wheat that arrived in the mandis in April this year smoothly procured but farmers were also given timely payment. The farmers would continue to get fair deal in the coming paddy and cotton season as well, he added.

Captain Amarinder also announced the governments decision to computerize all the operations in the State under the End to End Computerization of Targeted Public Distribution System (TPDS) operations Scheme to ensure leakage/diversion free distribution of subsidized food grains to the eligible beneficiaries. The identified beneficiaries will be issued Smart Ration cards. and ration will be distributed through PoS devices using bio-metric authentication.

The Chief Minister further reiterated his commitment to the promotion of horticulture to help in crop diversification and boost farmers income. and announced a slew of initiatives for the same. It has also been decided to establish a Price Stabilization Fund to save the farmers from vagaries of market, particularly in the case of perishable commodities such as fruits and vegetables, he revealed.

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Tata Power brightens on buzz of stake sale plans in IEX
Jun 20,2017

Meanwhile, the S&P BSE Sensex was down 32.72 points, or 0.11% to 29,409.91.

More than usual volumes were witnessed on the counter. On the BSE, 7.3 lakh shares were traded in the counter so far, compared with average daily volumes of 3.67 lakh shares in the past one quarter. The stock had hit a high of Rs 81.50 and a low of Rs 78 so far during the day. The stock had hit a 52-week high of Rs 91.25 on 3 April 2017. The stock had hit a 52-week low of Rs 67.10 on 9 November 2016.

The stock had underperformed the market over the past one month till 19 June 2017, falling 7.36% compared with 2.78% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 9.41% as against Sensexs 5.61% gains. The scrip had also underperformed the market in past one year, gaining 5.91% as against Sensexs 17.6% gains.

The large-cap company has equity capital of Rs 270.48 crore. Face value per share is Re 1.

Tata Power Company is one of shareholders of Indian Energy Exchange that has filed draft red herring prospectus with capital markets regulator to float an initial public offering (IPO), report added.

Existing shareholders including Tata Power Company, private equity arm of Aditya Birla Group, Madison India Capital and Renuka Ramnath-led Multiples Alternate Asset Management will sell 60.65 lakh shares in the company via IPO, report said.

Besides, AF Holdings, Kiran Vyapar, Golden Oak (Mauritius) and IEXs former chief executive Jayant Deo, will also offload shares in the public issue, according to the draft red herring prospectus (DRHP).

IEX is Indias premier power trading platform. Providing an automated platform for physical delivery of electricity, IEX enables efficient price discovery and offers participants the opportunity to trade in a variety of energy products.

On a consolidated basis, Tata Power Company reported net loss of Rs 246.90 crore in Q4 March 2017 compared with net profit of Rs 82.95 crore in Q4 March 2016. Net sales fell 1.8% to Rs 7166.79 crore in Q4 March 2017 over Q4 March 2016.

Tata Power is Indias largest integrated power company with a significant international presence. The company has a presence in all the segments of the power sector viz generation (thermal, hydro, solar and wind), transmission, distribution and trading.

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Eveready Industries jumps 10.97% in eight sessions
Jun 20,2017

Meanwhile, the S&P BSE Sensex was up 2.62 points, or 0.01% at 31,314.19. The BSE Small-cap index was up 24.55 points, or 0.16% at 15,678.52.

On the BSE, 15,000 shares were traded on the counter so far as against the average daily volumes of 79,360 shares in the past one quarter. The stock had hit a high of Rs 355.20 so far during the day, which is also its 52-week high. The stock hit a low of Rs 344 so far during the day. The stock had hit a 52-week low of Rs 190 on 29 December 2016.

The stock had outperformed the market over the past one month till 19 June 2017, advancing 6.47% compared with the Sensexs 2.78% rise. The scrip had also outperformed the market over the past one quarter advancing 40.49% as against the Sensexs 5.61% rise. The scrip had also outperformed the market over the past one year advancing 33.03% as against the Sensexs 17.6% rise.

The small-cap company has equity capital of Rs 36.34 crore. Face value per share is Rs 5.

Shares of Eveready Industries India jumped 10.97% in eight trading sessions to its current ruling price of Rs 353.60, from a close of Rs 318.65 on 8 June 2017.

Eveready Industries Indias net profit rose 12.2% to Rs 10.46 crore on 7.5% increase in net sales to Rs 304.61 crore in Q4 March 2017 over Q4 March 2016.

Eveready Industries India is the market leader of dry cell batteries. Apart from dry cell batteries, the company is also the market leader in flashlights. Eveready also markets LED, CFL, GLS lamps & other lighting products and rechargeable lanterns & devices, and packet tea.

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PC Jeweller recovers on bargain hunting
Jun 20,2017

Meanwhile, the S&P BSE Sensex was down 11.68 points or 0.04% at 31,299.89. The S&P BSE Mid-Cap index rose 17.36 points or 0.12% at 14,835.10.

On the BSE, 48,000 shares were traded on the counter so far as against the average daily volumes of 77,050 shares in the past one quarter. The stock had hit a high of Rs 513.75 and a low of Rs 501 so far during the day. The stock had hit a record high of Rs 585 on 29 May 2017 and a 52-week low of Rs 288.75 on 15 November 2016.

The stock had outperformed the market over the past one month till 19 June 2017, gaining 11.27% compared with the Sensexs 2.78% rise. The stock had also outperformed the market over the past one quarter, advancing 20.38% as against the Sensexs 5.61% rise. The scrip had also outperformed the market over the past one year, surging 31.56% as against the Sensexs 17.6% rise.

The mid-cap company has equity capital of Rs 179.21 crore. Face value per share is Rs 10.

Shares of PC Jeweller had declined 5.55% in the preceding seven trading sessions to settle at Rs 501.10 yesterday, 19 June 2017, from its close of Rs 530.55 on 8 June 2017.

PC Jewellers net profit rose 39.7% to Rs 110.05 crore on 15.2% growth in net sales to Rs 2155.43 crore in Q4 March 2017 over Q4 March 2016.

PC Jeweller is one of the leading jewellery companies in India in the organized jewellery retail sector.

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HCL Tech rises after launching next generation research platform
Jun 20,2017

The announcement was made during market hours today, 20 June 2017.

Meanwhile, the S&P BSE Sensex was up 6.59 points, or 0.02% to 31,318.16.

On the BSE, 19,234 shares were traded in the counter so far, compared with average daily volumes of 4.5 lakh shares in the past one quarter. The stock had hit a high of Rs 852 and a low of Rs 842 so far during the day. The stock had hit a 52-week high of Rs 908.40 on 6 June 2017. The stock had hit a 52-week low of Rs 708 on 29 June 2016.

The stock had underperformed the market over the past one month till 19 June 2017, falling 0.46% compared with 2.78% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 2.68% as against Sensexs 5.61% gains. The scrip had also underperformed the market in past one year, gaining 11.9% as against Sensexs 17.6% gains.

The large-cap IT company has equity capital of Rs 285.40 crore. Face value per share is Rs 2.

HCL Technologies said that the platform will provide research scientists with a collaborative ecosystem, greater computational resources, and the ability to mine research data to make more informed scientific decision, while improving productivity by automating and eliminating manual administrative tasks.

The NGRP is designed to alleviate the technological, economic, and administrative costs that legacy systems and aging technologies pose to Pharma companies.

HCL Technologies consolidated net profit rose 20% to Rs 2475.27 crore on 9.17% increase in net sales to Rs 12897.80 crore in Q4 March 2017 over Q3 December 2016.

HCL Technologies is a global IT services company.

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Road and Railway to be exempted under the GST regime: ASSOCHAM plea to Govt.
Jun 20,2017

In view of the long gestation period and showing negative returns, industry body ASSOCHAM has suggested that infrastructure and transportation such as road and railway sectors should continue to be exempted under Goods and Services Tax (GST) regime.

In a note submitted to the Finance Ministry, ASSOCHAM has suggested that to avoid accumulation of input tax credit with the contractors, a similar exemption should be granted in GST on direct procurements made by the contractors for use in such projects. Further withdrawal of exemption on existing projects will have a negative impact on business revenues.

The Chamber says, alternative options should be provided in GST, such as Zero rating the Contract Value chain, in the event the current Exemptions are withdrawn, so as to protect the Infrastructure Projects from any additional tax burden.

The chamber spokesperson says, presently, highway toll collected from passengers and annuity amounts received from NHAI for construction and maintenance of highways is exempt from Service tax. While service by way of access to a road or a bridge on payment of toll charges has been specifically exempted in GST regime, exemption to similar income received in form of annuity from NHAI has not been provided. Essentially in case of annuity based project NHAI collects Toll charges and share Toll income in form of annuity.

Levy of GST on existing contracts with non-recoverable taxes from NHAI will have significant impact on revenue and therefore exemption should be accorded to annuity income as well.

As per contract with NHAI, concessionaire is required to a share a pre-defined percentage of income from toll collection with NHAI and there is no clarification whether sharing of such exempted income would be subject to GST. Since Toll income is exempt from GST, sharing of such income also should not attract GST.

It may be mentioned that currently the services provided to infrastructure project are exempted from service tax and wherever service tax is levied, works contract abatement is available and in VAT also abatement is available and the combined effective tax rate comes to 10% to 12% while the rate schedule released by GST council provides for 18% GST rate for Works contract services.

ASSOCHAM has strongly recommended that rate of GST should be retained at the current levels on the Goods and Services, on the existing projects in progress as any increase in existing tax cost will adversely impact the project financials, cash flow and margins, due to inability to pass on or recover such increased cost in the entire Contract value chain and GST rate on works contract services should be provided as 12% instead of 18%.

Similar rate structure has been provided by GST council for Construction of a complex, building, civil structure or a part thereof, intended for sale to a buyer, wholly or partly.

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Amtek Auto leads gainers on BSEs A group
Jun 20,2017

Amtek Auto jumped 7.46% at Rs 25.20 at 13:50 IST with the stock recovering on bargain hunting after recent slide. Shares of Amtek Auto had declined 30.52% in the preceding three trading sessions to settle at Rs 23.45 yesterday, 19 June 2017, from its closing price of Rs 33.75 on 14 June 2017.

The stock topped the gainers in A group. On the BSE, 34.46 lakh shares were traded on the counter so far as against the average daily volumes of 7.67 lakh shares in the past two weeks.

BEML rose 5.74% at Rs 1,523.85. The stock was the second biggest gainer in A group. On the BSE, 1.98 lakh shares were traded on the counter so far as against the average daily volumes of 53,000 shares in the past two weeks.

Gati rose 5.24% at Rs 131.50. The stock was the third biggest gainer in A group. On the BSE, 4.12 lakh shares were traded on the counter so far as against the average daily volumes of 58,000 shares in the past two weeks.

Jubilant Life sciences rose 4.25% at Rs 709.60. The stock was the fourth biggest gainer in A group. On the BSE, 1.35 lakh shares were traded on the counter so far as against the average daily volumes of 43,000 shares in the past two weeks.

Tata Power Company rose 4.04% at Rs 81.15. The stock was the fifth biggest gainer in A group. On the BSE, 6.95 lakh shares were traded on the counter so far as against the average daily volumes of 2.18 lakh shares in the past two weeks.

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Volumes jump at Nelco counter
Jun 20,2017

Nelco clocked volume of 5.79 lakh shares by 13:40 IST on BSE, a 30.56-times surge over two-week average daily volume of 19,000 shares. The stock was locked at 20% upper circuit at Rs 96.30.

Chembond Chemicals notched up volume of 2.09 lakh shares, a 30.49-fold surge over two-week average daily volume of 7,000 shares. The stock surged 5.75% at Rs 263.

3M India saw volume of 5,000 shares, a 27.37-fold surge over two-week average daily volume of 183 shares. The stock lost 0.17% at Rs 13,901.40.

Ramco Industries clocked volume of 3.36 lakh shares, a 9.38-fold surge over two-week average daily volume of 36,000 shares. The stock jumped 7.51% at Rs 256.35.

Goa Carbon saw volume of 13.04 lakh shares, a 8.16-fold rise over two-week average daily volume of 1.60 lakh shares. The stock spurted 11.68% at Rs 236.70.

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HCL Technologies launches a precompetitive Next Generation Research Platform
Jun 20,2017

HCL Technologies announced its Next Generation Research Platform, a pre-competitive drug discovery ecosystem built with open standards. This platform will provide research scientists with a collaborative ecosystem, greater computational resources, and the ability to mine research data to make more informed scientific decision, while improving productivity by automating and eliminating manual administrative tasks.

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